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Wendy I agree 100%. When I deal with something that is as run down as this one, I take extensive pictures and I do a reasonably short powerpoint presentation and turn the slides into a simple PDF that clearly tells the story. I have built 70+ houses, owned a fair amount of investment real estate, and generally have a good eye for value and this is a black and white scenario that is so blatently obvious that I just cant understand what is going on. If there were MI in the mix, I would fully understand. The original BPO poisoned the well, so to speak, and the bank is either not seeing this or there is something amiss. I have an appraiser who appraised this property (has done 1400+ appraisals) believes this property will never see north of 250k yet Wells wants to hang their hat on an inflated BPO of 470k........
I love posting here because it provides another set of eyes.
Wendy Rulnick said:
Rob - Have you sent in photos with the obvious issues? Try that. State specifically that the " investor should know there was likely a flaw in the BPO, and items were overlooked", then supply a photo for each issue. Get the supervisor's name and cc the supervisor.
You need to escalate the file to someone higher up than just a 9-5 negotiator. The file needs to get into the hands of someone who can make a decision and actually somewhat cares about preventing a further loss on the property.
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